Set up and prepare 1099-MISC forms
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It's a good idea to prepare for 1099-MISC forms in QuickBooks before you even make your first payment to a consultant or subcontractor for the year. Otherwise, you might end up doing a lot of editing and data entry when it's time to create and file your 1099s. Setting up and preparing 1099s is a feature that's available only in QuickBooks Plus.
You need to:
- Identify those vendors that are potential 1099 form recipients. You can do this individually for each vendor, or you can select several vendors at a time.
- Set up expense accounts to track payments to these vendors.
- Select the appropriate 1099 Box info (category) and corresponding expense accounts:
- In the navigation bar, click Vendors (or Expenses > Vendors depending on what you see).
- Click Prepare 1099s.
- Click Let's get started (or Continue your 1099s if you've been here before).
- Navigate to the Accounts page, pick all the categories that apply to your vendors and then tell us which QuickBooks accounts you use to track the payments.
- Pay your vendors throughout the rest of the year. Make sure to apply the payments to the appropriate expense accounts. QuickBooks tracks the 1099 info for you.
Read also: QuickBooks Payroll setup checklist
You mail 1099-MISC forms in January to report on payments made in the previous tax year.
- Check that names, address, and tax IDs are valid.
- Troubleshoot problems with vendor payments not appearing to meet the threshold.
- E-file or print on final 1099-MISC forms.
Hope this article will be helpful for you to troubleshoot your problem. To get best support and help, dial QuickBooks Payroll support Phone number 1-855-441-4417.